Congressman Pete King Votes No on Tax Legislation
Congressman Pete King Statement on Voting No on Tax Legislation
I voted against the tax legislation (H.R. 1) when it came to the House floor for a final vote on Tuesday. Unfortunately, the bill passed by a vote of 227-203.
As you know, I opposed this tax plan from the start and voted against it when it first came to a vote last month. My main objection was the elimination of the deduction for state income and local property taxes (SALT). I had other objections including elimination of the deductions for medical expenses and for student loan interest.
During recent negotiations we were able to make a number of improvements to the bill. The medical expense and student loan interest deductions were restored and a $10,000 deduction for SALT will be allowed. Additionally, the Alternative Minimum Tax (AMT) is eliminated for individuals making up to $500,000 and $1,000,000 for couples filing jointly.
While this was progress, it was not enough. The $10,000 SALT cap will not be sufficient for most Long Island constituents. Additionally, it will devalue our homes by 10-15%. Another provision will prevent the prepayment of bonds which will cost local governments on Long Island tens of millions of dollars and further impact property taxes.
The bottom line is that while most of the rest of the country will be getting a tax cut, it will be paid for by Long Island residents who will be getting a tax increase. This is wrong and reflects a long time bias against the Northeast. That is why I voted NO and why I will continue to fight and find ways to correct and change this legislation after it is signed into law.